The following information is for the standard and actual costs for the Happy Corporation.

Standard Costs: Budgeted units of production - 16,000 (80% of capacity) Standard labor hours per unit - 4 Standard labor rate $26 per hour Standard material per unit - 8 lbs. Standard material cost - $ 12 per lb. Budgeted fixed overhead $640,000 Standard variable overhead rate - $15 per labor hour. Fixed overhead rate is based on budgeted labor hours at 80% capacity.

Actual Cost: Actual production - 16,500 units Actual fixed overhead - $640,000 Actual variable overhead - $1,000,000 Actual labor - 65,000 hours, total labor costs $1,700,000 Actual material purchased and used - 130,000 lbs, total material cost $1,600,000 Actual variable overhead - $1,000,000

1. Determine the Quantity Variance

a. 24,000 unfavorable b. 24,000 favorable c. 12,000 unfavorable d. 12,000 favorable

2. Determine the total direct materials cost variance

a $64,000 b. $24,000

c. $40,000 d. $16,000

3. Determine the Time Variance

a. $1,690,000 b. 26,000 c. 1,716,000 d. 3,407.000

4. Determine the Total Labor Cost Variance

a. 26,000 b. 10,000 c. 36,000 d. 16,000

5. Determine the total Factory Overhead Cost Variance

a. 20,000 b. 10,000 c. 30,000 d. 40,000